May 15, 2021

Tesla sells bitcoin for $ 270 million

Tesla sells bitcoin for $ 270 million

Tesla earned more than $ 100 million from the sale of previously purchased bitcoin, according to Tesla's first quarter 2021 financial report.

Tesla announced record first-quarter earnings. However, not all profits came from car sales.

According to CFO Zachary Kirkhorn,Tesla slashed its BTC positions by 10% in three months. Revenue from the sale of digital assets was $ 272 million, which brought in "net income" of $ 101 million.

Dave Portnoy wrote a tweet in which he accused Musk of “pumping and dumping” bitcoin.

Musk responded that Tesla sold bitcoin solely to test the "liquidity of the market." He stated that the company will continue to accept Bitcoin and store it in the long term.

Musk also added that he did not sell his personal bitcoins, confirming our assumptions that he does not only hold BTC in Tesla accounts.

Recall that at the end of March, Tesla added the ability to pay for its products with bitcoins, so far only for US customers.

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